Bitcoin falls from $266 • Hacker News Board

Re: Bitcoin falls from $266

#501

Post by muyuu » Fri, Apr 12, 2013, 2:43 PM UTC

kragen wrote: post #500

muyuu wrote: post #453

Earlier quoted context omitted.

Which made it a lot worse. It looked pretty much like the end of the system to a lot of people. Whoever bought at 250 and was looking all day at the graph to see how to scalp some dough, got exactly what he deserved. Sometimes you win, sometimes you lose.

Worse or better, this is certainly different! Also, it seems to be down below 70 now, so another 50% drop since yesterday, depending on what time you're talking about.

If it stays < $20 two weeks from now, it will be in the same league as the first huge fiasco.

Re: Bitcoin falls from $266

#502

Post by Cushman » Fri, Apr 12, 2013, 3:31 PM UTC

kragen wrote: post #485

Cushman wrote: post #412

Earlier quoted context omitted.

The very concept of debt, of exchange, is one enforced by the United States. If the United States says that I owe a million dollars or none, that is just as true whether it is measured in gold, or hens, or the capricious will of the Federal Reserve. What matters is the power of the United States to force me to pay, and that power is unparalleled by any other entity that has ever existed. To say that the word of the U…

This may be news to you, but debt and exchange still take place internationally, have taken place internationally since long before there were superpowers, and also take place in zones where no law is enforced. As for the word of the United States, I'm guessing you've never been to an Indian reservation.

It may be in poor taste to say it, but if the Native American nations had bought American Dollars rather than trading for goods with "inherent" value, history may have played out very differently.

Re: Bitcoin falls from $266

#503

Post by kragen » Fri, Apr 12, 2013, 5:06 PM UTC

Cushman wrote: post #502

kragen wrote: post #485

Earlier quoted context omitted.

This may be news to you, but debt and exchange still take place internationally, have taken place internationally since long before there were superpowers, and also take place in zones where no law is enforced. As for the word of the United States, I'm guessing you've never been to an Indian reservation.

It may be in poor taste to say it, but if the Native American nations had bought American Dollars rather than trading for goods with "inherent" value, history may have played out very differently.

It's not poor taste; it just shows you don't know much about history.

Re: Bitcoin falls from $266

#504

Post by jessriedel » Fri, Apr 12, 2013, 9:11 PM UTC

mcherm wrote: post #487

jessriedel wrote: post #296

Earlier quoted context omitted.

> The US dollar is backed by US law guaranteeing that it must be accepted as payment for all debts I believe this doesn't stop people from creating special obligations through contracts that are denominated in other currencies. It more means that if I run over your mailbox and a judge orders me to compensate you, I can use dollars.

Precisely. It means that if you sue me for ANY reason (including failure to live up to my end of a contract) the state will allow me to pay in dollars.

Ahh, this is a good point. Thanks.

Re: Bitcoin falls from $266

#505

Post by diggan » Sun, Apr 14, 2013, 2:19 PM UTC

fnordfnordfnord wrote: post #274

dia80 wrote: post #169

Earlier quoted context omitted.

On the contrary this is just the most pronounced in a series of recent coordinated DDOS / aggressive selling attacks designed to (successfully) inspire panic. The attackers unload their bitcoin before the price gets smashed and presumably buy it all back again from frightened speculators. If anything it might be a positive sign for bitcoin that the attackers are keen to acquire it! On another note, mtgox.com the main…

>the end of capitalism as we know it. >I hope a more able exchange arrives soon. I hope for both of those things!

If you don't like capitalism, why do you want more exchanges? A exchange feels like a capitalists idea